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at least next tuesday. michelle is on the ground with the latest efforts to overt the threat of a banking system collapse. so, michelle, the first question is obviously, why are the banks still closed and why won't the open before tuesday? >> well, the reason they're still closed is if they're afraid they reopen them, the banks will collapse because everyone will try to take their money out. so what they'll do is try to extend the banking holiday through the weekend. that's going to give the government, they hope, time to recapitalize the bank. that's a long-winded way to say pitch the bank. put a lot more money in them so they are stronger. not until tuesday because it happens to be a holiday. >> michelle, this is suzie.hat do you think could happen on tuesday? there's been so much pent-up anxiety, what happens when those banks open? >> well, it all depends on what happens over the next four days. so cyprus rejeblcted the first idea and they try to raid a pension fund to come up with money to meet the requirements of the bail out from the european partners. now that all of those things h
and then there's cyprus and the impact there on the rest of europe and the globe. michelle caruso-cabrera has made the trek to that small island nation that is right now ground zero for europe's financial problems. michelle? >> reporter: hi there, tyler. the latest is the president says he's going to meet with parliament tomorrow morning. there's still no plan here. in fact, you heard about plan a which was to tax deposits. now we have heard that plan b has been rejected by the troika as well. cyprus government said to the troika, their european partners who they want them to lend money to, they said to them, listen, instead of taxing deposits why don't we do this instead. we have a pension fund, we'll raid it, take the cash, turn it into bond and we'll pay it back over time. the troika said that doesn't do anything for you. you still have liabilities. then they said we're also going it try to sell one of the bad banks. and the fact of the matter is if the bad bank were sellable, people like chris flowers and wilbur ross and tim collins would have been here a long time trying to buy it. they
's finance minister. we also have michelle caruso cabrera here in new jersey. you should be somewhere, right? >> we had a long discussion about it. >> all of these fantastic reporters -- >> couldn't find any five-star hotels there, right? >> you've got me figured out. >> we're going to connect all the dots and figure out what may happen next. first, let's start with julia for a recap of how the entire story line went down for those who are not in the know this morning. julia. >> morning, guys. yes, well, in the early hours of saturday morning, we got wa arguably looks like a game changer in the european's response to bailout in the eurozone. of course, there are many aspects on this. the russian involvement, just the sheer size of the cypriot banking sector, almost eight times the size of the country's gdp. but what we heard on saturday morning was, yes, there will be a bailin of depositors and that levy that's going to be imposed to them was already frozen. the first question then, of course, is what happens to the remaining cash? are depositors able to remove that cash when the banks open
. >>> up next, we'll take you live to cyprus, michelle caruso-cabrera on the ground live with the latest developments on the debt crisis there. we'll talk with a local business insider who's extremely concerned about the fate of his country's economy. and later, if the fed is calling for moderate growth in the economy, that has to be good news for the world's largest coffee chain, right? howard schultz will talk with me and i'll get his reaction to developments in europe and today's shareholder meeting. >>> and on a lighter note, watch out, superman, schultz is now a comic book hero. we'll get the lowdown on his super powers, next. >>> welcome >>> welcome back. officials in cyprus struggling to avoid a financial meltdown after its parliament rejected an international bailout package that would have taxed savers and depositors. michelle caruso-cabrera is on the ground right now. she joins us live with the very latest from cyprus. over to you, michelle. >> reporter: hey, there, maria. the very latest that the cyprus plan tried in part trying to raid a pension fund. cash in the pension fund
this evening, let's go live to cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here in cyprus. just a few hours ago, the parliament resoundingly rejected the idea of taking money from bank deposits here in order to secure a bailout. the rest of europe groan. protest yourself, however, cheered. now they have to get back to work tomorrow, come up with a plan b., how are they going to get 5.8 billion euros, that's what they have to do to get another $10 billion in loans from the european partners in order to resolve the situation of their near-busted banks. also adding to the drama today, the finance minister tried to resign. it's not clear why. the president wouldn't let him. and then he immediately left for russia. as you mentioned, to try to secure some kind of help, maybe in exchange for natural gas rights. at minimum, they would just like easier terms on a loan that russia gave two years ago. the banks are supposed to reopen thursday but increa
out to michelle. >> hey there, steve. i'll show everybody a headline from one of the local newspapers here if you don't read greek it says russia roulette. in the meantime, the situation here is extremely critical for the banking system. every day that goes by without some kind of plan is one step closer to potential financial collapse of the entire country. the european central bank is still supporting the financial system here with hard cash. it's being delivered to atm machines. that's crucial because it is a lifeline for the people here because the banks are still closed. they've been closed all week. people have been telling us that in fact when they go to stores and such, they're now being told that the vendor or owner of the shop doesn't want a credit card or debit card, they want cash. with banks closed, the businesses can no longer access working capital so they are hoarding cash. you see constant stream of people at the atms. the banks are likely to remain closed through the weekend if they don't come up with a plan. they were supposed to reopen tomorrow. that would be suici
, that will good. >> see you later, as well. ty, up to you. >>> cnbc has this story covered in europe. michelle caruso cabrera on the insides of that deal and reverberations. she's on her way soon to that part of the world. steve liesman on his way soon to westchester county. robert, who knows where he's going. what it might mean for russia's rich. >> nondisclosed location. >> tyler, i'm looking at the markets and the commentary coming in to my e-mail. i think knee-jerk contagion is now becoming contagion as some investors doubt that what's going on in cyprus is really raising concerns about the positive insurance worldwide. citi group in a report that just came out, contagion risks are over rated in our view. the risk of bank runs in other euro area countries has clearly risen but the unique features of the cypriot situation should limit the read through to other cases in the euro area. in case you didn't know this, issuing a strong statement the reassure american depositors. while the situation in cyprus is a real concern for the depositors in cypriot's banks, depositors in the u.s. banks are
, and information of major celebrities was given up. unbelievable. beyonce, the president's wife, michelle obama, a number of people have perm data out in the public marketplace. adam, to you. what do you think of the story? >> what happened is it's less of a hacking story and more of an improper use of information that may have been the fruit of hacking that was used to fool awe tent -- aweauthentication systems. there's so much information out there about us that either we mistakenly give or data bases that go all levels of government, and as well as businesses, have been hacked, and this points out the fact it's no longer an issue if someone a victim of identity theft, but when. gerri: wow. it's interesting because essentially what the fellows, i assume, did was they went on the website and pretended they were michelle obama and filled out the forms to get their data. now, some of the information was accurate, some was not. this is what equ ifax said. we're aware of the reports retaining nonauthorized access, and there's four consumer credit reports occurred. more names were reported, but, jo
and. let's get more on the cypress controversy. michelle caruso-cabrera with the latest on this developing story. >> instead of the tradition route of severe austerity across the country with much higher taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress n
us from cyprus is our chief international correspondent michelle caruso-cabrera. michelle? >> hi there, scott. >> as a result of rejecting that plan last night in parliament and now it's plan b and it's emergency meeting after emergency meeting to try to fig you out a way for this government to come down in euros in either savings or revenues in order to get a $10 billion euro loan to bail out their banks. they've got to come up with that number or else we'll come up with a meltdown. in the wakes of the vote yesterday told the cypriots. don't think you're negotiating this deal. don't come back to us. it was a toughly-worded statement. russia, by the way, is not buying one of the troubled banks. there had been a report that that was going to happen that briefly spiked the euro. and one of the government spokespersons immediately said it was false and we saw that rally disappear. there's a cabinet meeting two hours from now and at some point they've got to announce, what are they going to do about the banks tomorrow? are they going re-open or not? it seems implausible at this point
. so this is not the republican party. so michele bachmann is fine with this group, sarah palin fine, those people are not nominated. don't measure the audience pay attention to the speeches. >> i would just add this. that any group that doesn't invite chris christie, the most popular politician in the country let alone the republican politician, bob mcdonald, governor of virginia who had showed bipartisan skill in getting transportation bill through, major plan that required raising taxes. and instead invites documented trump. you have to question the seriousness and where it is on the political compass. >> woodruff: talking about the president he continued david this week, this charm offensive outreach to congress. why is he doing this and does it look like it's working? >> so why he's doing it. a simple explanation which i would never stoop to is he's a little down in the poll. the pausive implications are he's got a new chief of staff is an outreach kind of guy and maybe he thinks he can get something done. is it working, i'd say yes it is. has the lion laid down the lamb no.
on your car. watch out for these. r more, go to bbb.org. what a mess. nobody is safe. first lady michelle obama is the latest public figure to have her social security number in recent credit report linked online by website posting private data. the fbi and secret service are investigating the site which apparently has a wide array of victims. celebrities include beyoncÉ, mel gibson, kim kardashian, jay-z, paris hilton, britney spears. even the fbi director and los angeles police chief charlie beck and vice president joe biden. how does the mission of the fbi director get leaks? internet suffix originally assigned to the soviet union. the dow hitting another record but only by a few points. investment advice on that. and the state of illinois in chaos after the lead investors about the natura financial heal. about the natura financial heal. we will be rig at a dry cleaner, about the natura financial heal. we will be rig we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need
" correspondent spencer michels reports from san francisco on a work of public art. >> reporter: for 75 years, the bay bridge has been the workhorse on san francisco bay, linking oakland and san francisco, and carrying 270,000 cars and trucks a day. on the san francisco side, its towers support suspension cables that keep the bridge up. but this gray, utilitarian structure that partially collapsed in the 1989 earthquake has never captured the world's attention, the way its nearby cousin, the golden gate bridge has. built toward the end of the depression, both were engineering marvels. now, the bay bridge is making its own splash. on a cold rainy night last week it was transformed into a giant work of art. 25,000 tiny white undulating l.e.d. lights, strung from the vertical cables, were turned on in a flashy display of public art that can be seen for miles. for california politicians like lieutenant governor gavin newsom, it was a chance to tout the area's uniqueness. >> here we are in san francisco- - a wacky and wonderful place and a city that is probably best described as 49 square miles su
they put your last name with a comma and then your first name. michelle gerard, chief u.s. economist at rgf, kevin ferry of cronus futures management. michelle, what we finally decided yesterday was the fed gets more cover to keep doing what it's doing. just about anything you can turn into a positive when you have a fed -- >> exactly. that's exactly right. bad news that undermines the equity markets and in the sense of saying, well, the fed will end up editing to keep rates lower. >> even if the contagion doesn't hit europe and it doesn't come here, it's just knowing -- >> that's the down side risk against the fed in an accommodative mode, not quick to pullback whether we're talking about hiking, layoffs or what's the more pressing issue in the marketplace is how soon they may cale back on their purchases. that is now off the radar screen as people are more concerned about europe, the sequester. all these things which will keep the fed in a very accommodative mode. only the make sure they have the support. >> 27 places to keep the fed going. to give ben cover, right? >> not only in europe,
night. >> michelle shocked is a grammy nominated singer who was performing at yoshis . now other venues, including pop month tavern in navato, are canceling her performances. >> concert organizers at yoshis released the statement on twitter. saying they do not tolerate that type of bigotry and hatred exhibited last night she will never be back. >> police say two girls have been arrested accused of making violent threats against an ohio rape victim on social media. ohio's attorney general said the gross spread the teenage victim of facebook and twitter. one threatened to murder her, the other said she would beat her up. the verdict in the rape case was handed down yesterday. to lie school football star seven found guilty of raping the 16 your girl last summer. the players have been sentenced to at least one year in juvenile prison. >> their new details of what police say was a plot to kill students of the orlando campus of the university of central florida. is a student had planned to kill people near his dorm but changed his mind killed themselves. >> police say james seev sku marn had
apologizing after singer michelle shocked went on an anti-gay rant during a recent show. she was performing sunday night at yoshi's when she shocked the audience about using derogatory slurs about gays and then she told the crowd to tweet what she just said. about 200 people were there. a lot of them walked out. >> my first reaction was to turn on the lights and get the microphone out of you her hands. -- out of her hand. >> yoshi says this is the first time they've had to shut down an act. several other concert vendors are canceling her upcoming shows because of her comments. >>> ten minutes before 8:00. not for sale, why valero has decided not to look for a buyer for its person knee shaw refinery. -- for its benicia refinery. >>> and the yoga pants problem is not leaving much to the imagination. we're here! we're going to the park! [ gina ] oh hey, dan! i really like your new jetta! and you want to buy one like mine because it's so safe, right? yeah... yeah... i know what you've heard -- iihs top safety pick for $159 a month -- but, i wish it was more dangerous, like a monster truck or du
after singer michelle shocked went on an anti-gay rant during a recent show. she was performing sunday night at yoshi's when she shocked the audience about using derogatory slurs about gays and then she told the crowd to tweet what she just said. about 200 people were there. a lot of them walked out. >> my first reaction was to turn on the lights and get the microphone out of you her hands. -- out of her hand. >> yoshi says this is the first time they've had to shut down an act. several other concert vendors are canceling her upcoming shows because of her comments. >>> ten minutes before 8:00. not for sale, why valero has decided not to look for a buyer for its person knee shaw refinery. -- for its benicia refinery. >>> and the yoga pants problem is not leaving much to the imagination. we're here! we're going to the park! [ gina ] oh hey, dan! i really like your new jetta! and you want to buy one like mine because it's so safe right? yeah... yeah... i know what you've heard -- iihs top safety pick for $159 a month -- but, i wish it was more dangerous
then realizing you forgot to pack your tooth brush. >>> another fashion first for the first lady michelle obama making the cover of "vogue" magazine not once but twice. cnn's alina cho was the first reporter to sit down with the reporter behind the story. tell our viewers what happened. >> you know what? the first lady may be on the cover of "vogue" but the editor actually had 40 minutes with the couple meaning the president, too, over the years vogue has profiled first lady after first lady but this is the first time the fashion magazine has ever put an american first lady on its cover twice. second term, second cover. first lady michelle obama in vogue again. >> there is something so ground breakingly modern about the obamas. you know, they are the first black president and first lady. >> reporter: vogue' powerful editor-in-chief is a massive obama fundraiser once rumored to be the next u.s. ambassador to the uk. so it's her friend the first lady appearing on "vogue's" april cover wearing a sleeveless dress by the same designer mrs. obama chose for the inauguration. here she is in michael koh
and the future about what happens to big east athletics. >>> and michelle obama wanted send a mental to american kids about health on sesame street. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. but that doesn't mean i don't want to make money.stor. i love making money. i try to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. clients are always learning more to make their money do more. (ann) to help me
Search Results 0 to 18 of about 19